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Finding budget line, intercepts and slope in the given case

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Imelda spends her entire income on shoes and hats. Draw a budget line, intercepts and slope if her monthly income is $1000 and the price of shoes is $8 and the price of hats are $10.

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Solution Summary

The solution depicts the methodology to find budget line, intercepts and slope in the given case.

Solution Preview

Please refer attached file for graph.

Let x denotes the number of shoes and y denotes number of hats
that can be purchased.

Monthly income=I=$1000
Price of shoe=p1=$8
Price of hat=p2=$10
Budget line will be given ...

Solution provided by:
Lokesh Jain, MSc
Education
  • BEng (Hons) , Birla Institute of Technology and Science, India
  • MSc (Hons) , Birla Institute of Technology and Science, India
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